What are regulations on Account 461 – Payables to employees of non-bank credit institutions in Vietnam?

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Question date: 23/03/2023

Hello Lawnet. I want to ask a question related to accounting regimes of non-bank credit institutions. What are regulations on Account 461 – Payables to employees of non-bank credit institutions in Vietnam? Thank you!

    • Pursuant to Article 33 of the Circular 05/2019/TT-BTC (takes effect from 01/04/2019) stipulating regulations on Account 461 – Payables to employees of non-bank credit institutions in Vietnam as follows:

      1. Accounting principles

      This account shall be intended for reflecting amounts that microfinance institutions have to pay and payments of these amounts to their employees, including salaries, wages, bonuses, social insurance benefits and others classified as employee's income.

      2. Components and contents of this account

      Debit side:

      - Amounts of salaries, wages, salary-associated bonuses, social insurance coverage and others that have been paid, spent and advanced to employees;

      - Amounts withheld from salaries and wages of employees.

      Credit side: Amounts of salaries, wages, salary-associated bonuses, social insurance coverage and others that need to be paid and spent to employees.

      Balances on the Credit side: Amounts of salaries, wages, salary-associated bonuses and others that will have to be paid to employees at end of an accounting period.

      In particular cases, the Account 461 may have balances on the Debit side. Balances on the Debit side shall reflect the already paid amount greater than the amount payable, including salaries, wages, bonuses and others.

      Above are regulations on Account 461 – Payables to employees of non-bank credit institutions in Vietnam.

      Best regards!

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    LEGAL BASIS OF THIS SITUATION
    • Article 33 of the Circular 05/2019/TT-BTC Download
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